# Millennium Associates records bad debt using the allowance, balance sheet method. They recorded \$299,420 in accounts receivable for the year, and \$773,270 in credit sales. The uncollectible percentage is 3.2%. On November 22, Millennium Associates identifies one uncollectible account from Angel’s Hardware in the amount of \$3,650. On December 18, Angel’s Hardware unexpectedly pays its account in full. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. November 22, 2018 identification entry C. Entry for payment on December 18, 2018

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 9, Problem 6EA
Textbook Problem
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## Millennium Associates records bad debt using the allowance, balance sheet method. They recorded \$299,420 in accounts receivable for the year, and \$773,270 in credit sales. The uncollectible percentage is 3.2%. On November 22, Millennium Associates identifies one uncollectible account from Angel’s Hardware in the amount of \$3,650. On December 18, Angel’s Hardware unexpectedly pays its account in full. Record journal entries for the following.A. Year-end adjusting entry for 2017 bad debtB. November 22, 2018 identification entryC. Entry for payment on December 18, 2018

To determine

Concept introduction:

Journal Entry: In journal entry, a company records all the business transactions which are in monetary form. Company records the transaction on debit and credit side in a journal entry. The total of debit and credit side is always equal.

To prepare:

Journal Entry in the books of companies.

### Explanation of Solution

 S. No. Date Particulars Debit (\$) Credit (\$) A Dec 31 Prov. For Bad Debts A/c Accounts receivable A/c (Being provision created on the last day of year...

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